Barrick Gold Corporation – Page 54

The crash, the trapper and a plane load of missing gold – by Josh Wingrove (Globe and Mail – July 6, 2012)

July 6, 2012

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

EDMONTON — The flight began uneventfully, with the hulking DC-4 propeller plane, loaded down with gold, rising up from a remote airstrip near a northern B.C. mine.

It was headed to nearby Alaska where its 16,600 pounds of gold concentrate would be processed. It’s a coarse, grainy substance of varying quality – nothing like solid gold, but nonetheless valuable.

At 460 metres (1,500 feet) above sea level, things went wrong. The No. 2 engine whined, cut out and fell off the left wing altogether. The plane banked right to return to the airstrip, but the other three engines couldn’t support the weight, sending it crashing onto a sandbar along the raging Iskut River, not far from the mine, on Aug. 14, 1996. The pilot’s body was never recovered, while the two other crew members made it to shore.

So began a mystery of a doomed B.C. plane and its load of gold, a tale emerging again after the plane reappeared – empty. Barrick Gold, which had since bought up the smaller outfit that owned the now-closed mine, rushed to the remote crash site and, this week, reported that the plane had already been stripped clean. The company does not know where the gold is.

Argentine ruling won’t stop project, Barrick says – by Pav Jordan (Globe and Mail – July 6, 2012)

July 6, 2012

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

A law banning mining around glaciers in Argentina will not derail development of one of the world’s largest new gold projects, Barrick Gold Corp. said. The Pascua-Lama project is on track to go into production in 2013 after years of fighting over its environmental impact.

Argentina’s Congress passed the law – which also bans drilling on oil rigs – about two years ago in an effort to protect water reserves, but opponents held it off with an injunction that was overthrown by the Supreme Court on Tuesday, driving Barrick Gold stock lower amid concerns Pascua-Lama may be halted.

“The impact of the law on Barrick is nil,” said Barrick spokesman Andy Lloyd, pointing out that there are no glaciers near the mine on the Argentine side of the cross-border project with Chile, where 70 per cent of the mine is being built.

Barrick stock stumbled on news of the ruling earlier this week because it raised alarm bells that Pascua-Lama might be thwarted by the same environmental concerns it already faced down nearly a decade ago, when a media storm echoed from Andean capitals in Buenos Aires and Santiago to Barrick headquarters in Toronto.

Most productive CEO? Fired Barrick exec generated most profit for pay among peers – by Bloomberg (Toronto Star – June 15, 2012)

June 15, 2012

The Toronto Star, has the largest circulation in Canada. The paper has an enormous impact on federal and Ontario politics as well as shaping public opinion.

Aaron Regent, who was fired last week as chief executive officer of Barrick Gold Corp. after failing to boost the stock price, generated more profit for every dollar of pay last year than any of his peers in Canada and the U.S.

Barrick, the world’s largest gold miner, earned $514.98 for every dollar the Toronto-based company paid Regent for 2011, according to data compiled by Bloomberg. That was more than the CEOs of the six other largest North American gold companies. Goldcorp Inc., the second-largest producer by market value, reported $172.09 of net income for every dollar awarded CEO Chuck Jeannes. Yamana Gold Inc. CEO Peter Marrone brought in $47.88 in profit for every dollar of pay.

Executive compensation is coming under increasing scrutiny, with gold mining CEOs among the best-paid in Canada last year, even as their companies’ shares failed to match gains in gold prices.

“I would like to see the compensation more directly tied to the stock prices,” Pawel Rajszel, a Toronto-based analyst at Veritas Investment Research, said in an interview. “Then you’ll see these producers be more disciplined in terms of capital allocation.”

Was Regent the heavy or the fall-guy for Barrick’s missteps? – by Dorothy Kosich (Mineweb.com – June 7, 2012)

June 7, 2012

www.mineweb.com

As a new co-chairman shares Chairman Peter Munk’s workload, employees and shareholders may finally have to concede that Barrick Gold’s patriarch can’t manage the world’s top gold miner forever.

RENO (MINEWEB) – While Barrick’s ouster of CEO Aaron Regent Wednesday grabbed the lion’s share of the news headlines, the decision of 84-year-old Peter Munk, the co-founder and chairman of Barrick, to appoint a co-chairman may actually have the longer-term ramifications for the world’s top gold miner.

Over the years, Munk has been a stickler for share price performance. And, perhaps, a warning of what was on the cards for Regent occurred last month when Munk told shareholders at the Barrick’s annual meeting that the company’s share price was not satisfactory.

In 2003, Munk ousted then-CEO Randall Oliphant as a Barrick news release said, “The board made the change to address its concerns over the company’s recent performance…”

In a news release publicizing Regent’s ouster, Munk once again stressed, “We are fully committed to maximizing shareholder value, but have been disappointed with our share price performance.”

Barrick shakeup highlights risk fears – by Pav Jordan, Eric Reguly, Jacquie McNish (Globe and Mail – June 7, 2012)

June 7, 2012

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

Toronto, Rome — The dismissal of Barrick Gold Corp’s chief executive officer over the company’s long-stagnant stock price signals deepening concerns that a year-old, multibillion dollar bet on an African copper project has turned sour.

Toronto-based Barrick, the world’s biggest gold miner, said on Wednesday it ousted president and CEO Aaron Regent less than four years into the job, a period during which the company’s shares barely moved on the Toronto Stock Exchange despite a huge rally in the price of gold.

“We are fully committed to maximizing shareholder value, but have been disappointed with our share price performance,” said Peter Munk, who founded Barrick and remains the driving force of the company.

Barrick made a bold move into the copper market last year with its $7.3 billion acquisition of Equinox Minerals Ltd., but the deal alienated many investors who saw it as an expensive departure from the company’s focus on gold. Barrick shares dropped sharply on news of the deal.

Barrick fires chief Regent; CFO appointed to top job – BNN.ca staff (Business Network News – June 6, 2012)

June 6, 2012

http://www.bnn.ca/Home.aspx

Aaron Regent is out as chief executive of Barrick Gold, and CFO Jamie Sokalsky has been appointed to the top job. The company cites its disappointing share performance as the main reason for the change, while sources tell BNN the move was a result of conflicting strategies on the miner’s future direction.

“We are fully committed to maximizing shareholder value, but have been disappointed with our share price performance. Our Board has every confidence in Jamie’s experience and commitment to take our company forward,” said Peter Munk, Barrick founder and chairman, in a statement.

But, a source close to the company tells BNN’s Howard Green that the real issue was corporate strategy. “This wasn’t around performance of the company, this was around the direction of the company,” the source, who asked not to be identified, said.

Recent moves — such as dividend hikes — to improve share performance have failed to significantly boost the share price.

Barrick ousts CEO in major shakeup – by Peter Koven (National Post – June 6, 2012)

June 6, 2012

The National Post is Canada’s second largest national paper.

In a surprise move, Barrick Gold Corp. announced it is replacing chief executive Aaron Regent as its share price continues to underperform.

Chief financial officer Jamie Sokalsky has been named the new CEO in the shakeup. As well, Barrick director John L. Thornton has been appointed co-chairman with Peter Munk. Barrick provided few details about why it decided to make this dramatic move, though Mr. Munk pointed to the weak share price.

“We are fully committed to maximizing shareholder value, but have been disappointed with our share price performance. Our board has every confidence in Jamie’s experience and ability to take the company forward,” he said in a statement.

Mr. Munk has constantly praised Mr. Regent’s actions in the past, so this move caught investors off-guard. Despite the weak share performance, Mr. Regent was well regarded among investors.

NEWS RELEASE: CFO Jamie Sokalsky Appointed Barrick CEO; John L. Thornton Assumes Role of Co-Chairman with Barrick Founder Peter Munk

June 6, 2012

June/06/2012

TORONTO — Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) announced today that its Board of Directors has appointed Executive Vice President and Chief Financial Officer Jamie Sokalsky as President and Chief Executive Officer, replacing Aaron Regent. Mr. Sokalsky has also replaced Mr. Regent on Barrick’s Board of Directors.

In addition, John L. Thornton, currently a Barrick Director, has been appointed Co-Chairman of Barrick’s Board of Directors. These leadership appointments are effective immediately.

“On behalf of our Board, I would like to thank Aaron for his significant contribution to Barrick’s development. We are fully committed to maximizing shareholder value, but have been disappointed with our share price performance. Our Board has every confidence in Jamie’s experience and commitment to take our company forward,” said Peter Munk, Barrick’s Founder and Chairman.

Mr. Sokalsky said: “I feel enormously privileged to take on this role at Barrick, a company that combines operational excellence and financial strength with a track record of successful execution. My focus will be on maximizing shareholder value and our mission of superior performance.”

Barrick defends itself against Occupiers – by Dana Flavelle (Toronto Star – May 3, 2012)

May 3, 2012

The Toronto Star, has the largest circulation in Canada. The paper has an enormous impact on federal and Ontario politics as well as shaping public opinion.

Under siege by the Occupy Toronto movement, Canada’s largest gold miner spent a large part of its annual general meeting Wednesday defending its track record as a responsible corporate citizen.

A heavy police presence ensured most Occupy protestors remained in Simcoe Park across the street from the Metro Convention Centre where Barrick Gold Corp. held its annual gathering of shareholders.

But even before a proxy holder representing indigenous groups in Chile raised some difficult questions inside the corporate meeting, Barrick founder and chairman Peter Munk acknowledged the protestors’ presence.

“Last night, I went home and to avoid the demonstrators who try to Occupy Wall Street, who try to Occupy Bay Street — I’m sure they’re all well-meaning and determined people and I was going to ask my driver, don’t avoid them, take me there. I want to talk to them. I don’t have all the facts — but wiser heads than me prevailed and I was taken home through a difficult route.”

CIDA funds seen to be subsidizing mining firms – by Daniel LeBlanc (Globe and Mail – January 30, 2012)

January 30, 2012

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

OTTAWA— The Harper government weathered a storm when it cut funding to long-standing foreign-aid groups, but is now facing more controversy over its decision to launch development projects in partnership with mining firms.

The Canadian International Development Agency has established three foreign-aid pilot projects in Africa and South America with large mining corporations, as part of a plan to ensure that foreign aid also fuels economic growth and international trade at home.

Critics argue that Canada is needlessly subsidizing the foreign operations of profitable corporations, but the government is encouraging non-governmental organizations to come up with more projects with the private sector.

Barrick’s Hemlo Operation leads the way with Towards Sustainable Mining honour

December 12, 2011

This article was provided by the Ontario Mining Association (OMA), an organization that was established in 1920 to represent the mining industry of the province.

Barrick Gold’s Hemlo Operation in Northwestern Ontario was presented with the Mining Association of Canada’s Towards Sustainable Mining (TSM) Leadership Award at a Mining Day on the Hill event in Ottawa last month. Other Ontario Mining Association members to receive TSM accolades were De Beers Canada, Teck Resources and Xstrata.

“Whether in Canada or abroad, Barrick strives to meet high standards for corporate social responsibility,” said Kelvin Dushnisky, Barrick Executive Vice President Corporate and Legal Affairs. “We are proud to see our Hemlo Operation recognized as a leader in responsible mining by Canada’s mining industry and congratulate everyone involved in this great achievement.”

“Barrick is only the second company to win a Leadership Award since the TSM Awards were inaugurated in 2006,” said MAC President Pierre Gratton. “We are honoured to be receiving this special award,” said Roger Souckey, Superintendent of Employee Relations at Hemlo. “At Hemlo, we place great value on our relationships with First Nations, local communities and on environmental stewardship.” Mr. Souckey has been a member of the OMA Education and Outreach Committee since its inception in 2006.

Big [Nevada gold] discovery by Barrick Gold gets industry attention – by Rob Sabo (Northern Nevada Business Weekly – December 5, 2011)

December 5, 2011

Northern Nevada Business Weekly: http://www.nnbw.com/Default.aspx

Barrick Gold Corporation’s two new gold discoveries in Nevada represent the biggest mining story in the state for 2011, says Alan Coyner, administrator for the Nevada Division of Minerals.

In September, Barrick said it had found estimated resources of nearly 3.5 million ounces of gold at its Red Hill and Goldrush claims a few miles southeast of the company’s flagship Cortez mining operations 75 miles southwest of Elko.

Barrick is conducting further drilling on the claim area to determine the full scope of the discovery and to move the estimated, or inferred, resource amount into proven reserves.

“It is the story of the year because of its size,” Coyner told a standing-room crowd of top-level mining executives last week at the annual Northwest Mining Association conference at John Ascuaga’s Nugget.

NEWS RELEASE: $18 Million Gift from Peter and Melanie Munk Builds On Past Support at Peter Munk Cardiac Centre

November 24, 2011

Lead gift launches $100 million campaign in support of cardiac care

TORONTO, Nov. 24, 2011 /CNW/ – Dr. Robert Bell, President and CEO of University Health Network (UHN), announced today that the Peter and Melanie Munk Charitable Foundation is donating $18 million to the Peter Munk Cardiac Centre at UHN. This new gift brings the total investment by Peter and Melanie Munk in UHN to $65 million.

“Peter and Melanie’s new gift builds on their tremendous support over the 18 years they have been involved in creating a world-class cardiac centre,” said Dr. Robert Bell. “Their generosity will continue to transform the standard of cardiac care in Canada, North America and around the world. At the Peter Munk Cardiac Centre, heart surgeons, vascular surgeons, radiologists and cardiologists all work and train together on an integrated team – something that is setting the standard for the care of heart patients.”

The gift will support innovation, recruitment and retention of top cardiac talent by leveraging the incredible patient care and research discoveries already taking place. It will help recruit, retain and train top minds in cardiovascular medicine, surgery and imaging from around the globe.

[Barrick’s] Munk’s $18-million donation aimed at attracting top brains – by Patrick White (Globe and Mail – November 24, 2011)

November 24, 2011

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

It took four words and four days to land one of the biggest donations in the history of Canada’s largest hospital network.

It was May 13, 2010, and Peter Munk, the 84-year-old chair of Barrick Gold, had just completed a tour of his namesake cardiac centre at Toronto General Hospital. As medical director Barry Rubin explained the research frontiers he hoped to conquer in the coming decade, Mr. Munk had just one question.

“How can I help?” Within four days, Dr. Rubin had an answer.

On Thursday, the two men will make the answer public: an $18-million donation to fund four new heart study centres aimed at attracting the calibre of medical brains Canada has often lost to the United States and Europe.